Regulatory Alerts2024-11-25
SEC MC No. 16, Series of 2024 — Deferral of PFRS 17 for MBAs and HMOs
The Securities and Exchange Commission issued Memorandum Circular No. 16, Series of 2024, to formally adopt the Insurance Commission's deferral of Philippine Financial Reporting Standard 17 for Mutual Benefit Associations and Health Maintenance Organizations. This directive aligns SEC financial reporting rules with IC Circular Letters, setting the new effective dates for PFRS 17 implementation at January 1, 2030 for MBAs and January 1, 2027 for HMOs. Entities availing of this relief must prepare audited financial statements using a modified industry-specific framework and include specific disclosures and auditor emphasis of matter paragraphs regarding the deviation from full PFRS requirements.
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